Shit headline. I assume they are using “wrong” in the moral sense rather than incorrect levied sense.
The law is clear. If you are asked or required by law to complete a self assessment then you must do so, regardless of how much tax you owe, including none.
If you don’t submit the required self assessment by jan 31st you get an automatic fine of £100. I must have recieved 2 or 3 letters this year to “not forger my SA”.
If some how you missed all HMRC letters reminding you to do your self assessment and you owe very little but submit as soon as you get the fine then IME HMRC will waive the fine.
Contrary to what many like to think, HMRC are actually pretty immenable if you make reasonable or honest mistakes.
Not a fine.
HMRC issue penalties.
Even the article states “Penalties” then “fines” and back to “penalties” before again stating “fines”
Awful reporting.
Oooh, so it’s not Nadim, it’s the HMRC. Which reminds me, I have made 27 million this year, damn, I might need to pay some taxes as well, or do I?!
The story linked is about the £100 late filing fine, which is quite common.
The Zahawi story is not about that. The total of tax, interest and penalty in the Zahawi story is in the region of £5m. Those estimates put just the penalty around £1m.
The story seems to originate from shares in a company founded and run by Zahawi being held abroad in the name of his parents. It certainly looks as though he was in fact benefiting from the profits of the company, while on paper claiming that those assets and profits were nothing to do with him in order to reduce his tax bill.
4 comments
Shit headline. I assume they are using “wrong” in the moral sense rather than incorrect levied sense.
The law is clear. If you are asked or required by law to complete a self assessment then you must do so, regardless of how much tax you owe, including none.
If you don’t submit the required self assessment by jan 31st you get an automatic fine of £100. I must have recieved 2 or 3 letters this year to “not forger my SA”.
If some how you missed all HMRC letters reminding you to do your self assessment and you owe very little but submit as soon as you get the fine then IME HMRC will waive the fine.
Contrary to what many like to think, HMRC are actually pretty immenable if you make reasonable or honest mistakes.
Not a fine.
HMRC issue penalties.
Even the article states “Penalties” then “fines” and back to “penalties” before again stating “fines”
Awful reporting.
Oooh, so it’s not Nadim, it’s the HMRC. Which reminds me, I have made 27 million this year, damn, I might need to pay some taxes as well, or do I?!
The story linked is about the £100 late filing fine, which is quite common.
The Zahawi story is not about that. The total of tax, interest and penalty in the Zahawi story is in the region of £5m. Those estimates put just the penalty around £1m.
The story seems to originate from shares in a company founded and run by Zahawi being held abroad in the name of his parents. It certainly looks as though he was in fact benefiting from the profits of the company, while on paper claiming that those assets and profits were nothing to do with him in order to reduce his tax bill.